Personal Accident Insurance

There are various types of insurance available to businesses, but many owners will often overlook the cover that protects arguably the most important part of the company — themselves. Without investing in personal insurance cover, your entire business could be thrown into disarray if you suffer an injury which leaves you permanently unable to work as a result. This may also have a huge impact on your personal life, as the lack of income could mean you struggle to pay for things like the mortgage and household bills.

Personal accident insurance protects you and your business from these potentially dire financial implications. As well as being used to keep your business on track, the lump sum payment could also fund any retraining required for you to take on a new job, or make any necessary alterations to your home if your accident has left you with a disability.

If you’re not in conventional employment, you aren’t entitled to sick pay. This means you could experience serious financial difficulties if an accident leaves you unable to work. In fact, the majority of small business owners claim that they can’t afford to take time off work even if they need to.

There’s no guarantee that any money you have saved will be enough to cover the expenses following an injury. Taking out personal accident insurance gives you a financial safety net, providing you with a lump sum when you no longer have a regular source of income.

The payout you receive depends specifically on the particular injury sustained after an accident. You’re covered for up to £10,000 if you’re left unable to use your limbs, and £200,000 for the most serious of injuries. Please refer to the table above to see the payout you’re entitled to for each injury.

Our personal accident insurance protects you for any permanent injuries you suffer. These don’t need to occur within the workplace for you to receive payment. Wherever you are in the world, you’re always covered by Tradesman Saver.

Yes, essentially. Personal accident insurance for self employed tradespeople will cover you for any permanent injuries suffered, giving you the peace of mind that if something does happen to you, your business won’t suffer. With our personal accident insurance policy, you can receive up to £200,000 in compensation for serious injuries. This is invaluable protection for self employed tradespeople who are out and about on job sites every day.

At Tradesman Saver, our personal accident insurance can include short-term income protection insurance. Self-employed income protection insurance is extremely important as, without it, you could be left unable to work and ineligible to claim on your insurance if you’ve suffered a short-term injury. This could mean you can fall behind on your bills, mortgage payments and other essential payments you need to make, which you would be unable to pay without an income.

While there’s no statutory sick pay for the self employed in the UK, you may be able to claim an allowance (Employment and Support Allowance) if you develop health issues which can prevent you from working. While the allowance isn’t enough to live off, it can offer some help in the short-term.

It’s no surprise that most self employed people in the UK rely on income protection insurance to maintain their way of life in the event that they develop a serious illness or injury which stops them from working. Typically, income protection cover will provide tax-free payments of around 50% to 70% of your average monthly income.

Typically, self employed income protection insurance or critical illness cover can be used to pay rent or mortgage payments, outstanding debts or even any salaries you are responsible for paying. However, this can depend on how comprehensive your cover actually is. Some other aspects that you may want to consider when choosing the right self employed income protection insurance for you include:

• The length of the deferred period, which is the time you have to wait before any payments under the policy can be made.
• The length of cover, which refers to how long any payments will last for.
• The percentage of income that will be paid out by your chosen insurance provider in the event of a claim.
• Any extra benefits such as protection against redundancy or flexible terms and conditions which may benefit you.

For more information on Tradesman Saver’s income protection insurance, don’t hesitate to get in touch today.

In addition to accident insurance or income protection insurance for self employed people, there are plenty of other optional covers you could choose to add on to your main tradesperson insurance policy. Some of these optional insurance policies include:

• Employers Liability
• Tools / Equipment
• Contractors All Risks
• Business Contents
• Professional Indemnity
• Personal Accident
• Short Term Income Protection

If you’re looking to protect yourself as a self employed worker in the UK, then a comprehensive tradesperson insurance policy is the right choice.